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Retirement Plans (Tables)
12 Months Ended
Oct. 31, 2020
Retirement Benefits [Abstract]  
Schedule of net periodic pension cost of non-U.S. plans
Net annual periodic benefit cost of non-U.S. plans for fiscal 2020, fiscal 2019 and fiscal 2018 is presented in the following table:
202020192018
Service cost$8,587 $5,578 $6,891 
Interest cost3,917 4,079 3,984 
Expected return on plan assets(5,296)(5,279)(4,559)
Amortization of prior service cost— 
Amortization of transition obligation— — 10 
Recognized actuarial loss2,583 1,000 1,621 
Subtotal$9,791 $5,381 $7,948 
Curtailment impact(203)— — 
Net periodic benefit cost$9,588 $5,381 $7,948 
Schedule of obligation and asset data of the company's non-US plans
Obligation and asset data of the Company’s non-U.S. plans at October 31, 2020 and November 2, 2019 is presented in the following table:
20202019
Change in Benefit Obligation  
Benefit obligation at beginning of year$169,648 $123,538 
Service cost8,587 5,578 
Interest cost3,917 4,079 
 Curtailment(705)— 
Actuarial loss2,916 38,210 
Benefits paid(2,661)(3,053)
Exchange rate adjustment5,033 1,296 
Benefit obligation at end of year$186,735 $169,648 
Change in Plan Assets  
Fair value of plan assets at beginning of year$99,939 $84,655 
Actual return on plan assets1,366 12,389 
Employer contributions6,943 4,177 
Benefits paid(2,661)(3,053)
Exchange rate adjustment1,918 1,771 
Fair value of plan assets at end of year$107,505 $99,939 
Reconciliation of Funded Status  
Funded status$(79,230)$(69,709)
Amounts Recognized in the Balance Sheet  
Current liabilities$(973)$(846)
Non-current liabilities(78,257)(68,863)
Net amount recognized$(79,230)$(69,709)

20202019
Reconciliation of Amounts Recognized in the Statement of Financial Position  
Prior service credit(44)(44)
Net loss(55,942)(50,878)
Accumulated other comprehensive loss(55,986)(50,922)
Accumulated contributions less than net periodic benefit cost(23,244)(18,787)
Net amount recognized$(79,230)$(69,709)
Changes Recognized in Other Comprehensive Income (Loss)  
Changes in plan assets and benefit obligations recognized in other comprehensive income (loss)  
Net loss arising during the year $6,342 $31,100 
Effect of exchange rates on amounts included in AOCI1,305 (18)
Amounts recognized as a component of net periodic benefit cost  
Amortization or settlement recognition of net loss(2,583)(1,004)
Total recognized in other comprehensive loss$5,064 $30,078 
Total recognized in net periodic cost and other comprehensive loss$14,652 $35,459 
Estimated amounts that will be amortized from AOCI over the next fiscal year  
Net Loss$(2,845)$(2,583)
Schedule of accumulated and projected benefit obligation in excess of plan assets
Information relating to the Company’s non-U.S. plans with projected benefit obligations in excess of plan assets and accumulated benefit obligations in excess of plan assets at October 31, 2020 and November 2, 2019 is presented in the following table:
20202019
Plans with projected benefit obligations in excess of plan assets:  
Projected benefit obligation$186,735 $169,648 
Fair value of plan assets$107,505 $99,939 
Plans with accumulated benefit obligations in excess of plan assets:  
Projected benefit obligation$141,982 $61,019 
Accumulated benefit obligation$132,517 $54,318 
Fair value of plan assets$69,250 $1,305 
Schedule of weighted average assumptions used
The projected benefit obligation was determined using the following weighted-average assumptions:
20202019
Discount rate2.15 %2.45 %
Rate of increase in compensation levels3.19 %3.38 %
Net annual periodic benefit cost was determined using the following weighted average assumptions:
20202019
Discount rate2.45 %3.53 %
Expected long-term return on plan assets5.22 %6.16 %
Rate of increase in compensation levels3.38 %3.26 %
Schedule of plan assets measured at fair value on a recurring basis by investment categories
The following table presents plan assets measured at fair value on a recurring basis by investment categories as of October 31, 2020 and November 2, 2019 using the same three-level hierarchy described in Note 2j, Fair Value, of the Notes to Consolidated Financial Statements:
October 31, 2020November 2, 2019
Fair Value Measurement at Reporting Date Using:Fair Value Measurement at Reporting Date Using:
Quoted Prices in Active Markets for Identical Assets
(Level 1)
Significant Other Observable Inputs
(Level 2)
TotalQuoted Prices in Active Markets for Identical Assets
(Level 1)
Significant Other Observable Inputs
(Level 2)
Total
Unit trust funds(1)$— $5,510 $5,510 $— $4,736 $4,736 
Equities(1)7,134 12,733 19,867 6,114 39,189 45,303 
Fixed income securities(2)— 24,636 24,636 — 48,274 48,274 
Property (3)— 8,034 8,034 — — — 
Investment Funds (4)— 21,960 21,960 — — — 
Cash and cash equivalents27,498 — 27,498 1,626 — 1,626 
Total assets measured at fair value$34,632 $72,873 $107,505 $7,740 $92,199 $99,939 
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(1)The majority of the assets in these categories are invested in a mix of equities, including those from North America, Europe and Asia. The funds are valued using the net asset value method in which an average of the market prices for underlying investments is used to value the fund. Due to the nature of the underlying assets of these funds, changes in market conditions and the economic environment may significantly impact the net asset value of these investments and, consequently, the fair value of the investments. These investments are redeemable at net asset value to the extent provided in the documentation governing the investments. However, these redemption rights may be restricted in accordance with governing documents. Publicly traded securities are valued at the last trade or closing price reported in the active market in which the individual securities are traded.
(2)Consists of funds primarily concentrated in non-U.S. debt instruments. The funds are valued using the net asset value method in which an average of the market prices for underlying investments is used to value the fund.
(3)Consists of funds that primarily invest in global real estate and infrastructure funds. The funds are valued using the net asset value method in which an average of the market prices for underlying investments is used to value the fund.
(4)Consists of liability driven investment funds that may hold a range of low-risk hedging instruments including but not limited to government bonds, interest rate and inflation swaps, physical inflation-linked and nominal gilts, synthetic gilts, cash and money market instruments. The investment funds are valued at the closing price reported if traded on an active market or at yields currently available on comparable securities of issuers with similar credit ratings.
Schedule of expected company contributions and estimated future benefit payments
Expected fiscal 2021 Company contributions and estimated future benefit payments are as follows:
Expected Company Contributions 
2021$6,985 
Expected Benefit Payments 
2022$3,344 
2023$2,906 
2024$3,260 
2025$3,359 
2026$3,926 
2027 through 2031$27,481